Essel Propack global sales up by 29% in Q1 '05

MUMBAI: Subhash Chandra promoted Essel Propack ltd has posted 29 per cent growth in its global sales for the first quarter that ended on 31 March, 2004.

The laminated tubes manufacturer announced the un-audited consolidated global results for the first quarter of 2004. While the global sales stood at Rs 1,521 million, the results show a net profit Rs180 million.

Announcing the Q1 results, Essel Propack vice chairman and managing director Ashok Goel said, "The sales have increased primarily due to the full impact of new operations in USA, growth in the China market and also our sales improvement from Indian operations."

Besides informing that the consolidated global sales grew 29 per cent as compared to the corresponding period of the previous year, a company release exalts that the first quarter recorded a growth of 10.4 per cent in net profit compared to the same period of the last year.

Head quartered in India, the company provides packaging solutions to toothpaste, pharmaceuticals, cosmetics and Industrial sectors all over the world.

The company has major presence in the markets of USA and China, besides India. While the release German operations have reported significant improvement in asset utilization levels, customer off-take and profitability, the Egypt operations have recorded upswing in sales volumes, says the release.

According to the release, company's USA operations are fully scaled up and efforts are on to improve the profitability through higher manufacturing efficiencies. The company is optimistic that the volumes in China would continue to grow.

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